Journal
REGIONAL SCIENCE AND URBAN ECONOMICS
Volume 35, Issue 1, Pages 57-82Publisher
ELSEVIER
DOI: 10.1016/j.regsciurbeco.2003.09.001
Keywords
hedonic prices; spatial statistics; environmental disamenities; point-source pollution
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We first estimate the relationship between house prices and environmental disamenities using spatial statistics, confirming that nearby point-source pollutants depress house price. We then calculate implicit prices of environmental quality and related characteristics from the house price hedonics to estimate a demand curve for environmental quality, finding a price elasticity of demand of -0.12. We find evidence of significant spatial effects in both the hedonic and demand estimations. We find that environmental quality and school quality are purchased together (eta=-0.80), environmental quality and house size are substitutes (eta=0.91). and environmental quality and lot size are not related goods. (C) 2003 Elsevier B.V. All rights reserved.
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